Hi, it’s LaTisha from YoungFinances.com. Today,
I’m talking about how I paid off over $22,000 of credit card debt. Yes, I did that. Mm-hmm.
I’m that girl. I paid off that debt, yeah. Here’s how I paid off my $22,000 worth of
credit card debt. It took me three years and a lot of discipline, but I did it. And here’s
how I did it. Step one, I went to an all-cash budget. That means, just cash. And if you
watch my video on why you should use cash, you’ll understand why this is so important.
So everything that I paid for I was able to handle with my paycheck. Step two was separating my needs from my wants.
For example, I used to go to the store and buy clothes. I’m a shopper. Even if there
wasn’t anything that I needed, I would just go to a mall just to buy something. You look good, girl. Mm-hmm. I had to learn how to stop emotional spending
and separate my needs from my wants. I decided to evaluate everything that I was buying.
So if I went to the store, for example, and I saw something that I really wanted, but
that’s not what I went to the store for, then I wasn’t allowed to buy it right then. That
eliminated all of my impulse shopping, which turned out to be, most of my spending was
impulse shopping. So I have the dress, which was the very first
item that I purchased with my credit card, and I’ll go grab it right now. So wait one
second. So I have the first item that I ever bought with a credit card. It’s this dress,
and I bought it for $10 at Dillard’s. And I still have it. I kept it because I decided
that I would keep this dress until I paid off all of my credit card debt. Now that I’ve
paid it all off, I can get rid of it. At least now, I know that I’ve finally paid
that first dollar off, and it feels really good. Once I eliminated my need to impulse
shop or eliminated my urge to impulse shop, then I started really evaluating my purchases.
So I separated my needs, and I separated my wants. Once I figured out how to separate
my needs and my wants, I was ready for step three. I decided to go with a credit counseling service.
They were able to contact my creditors, negotiate the interest rates, and figure out a payment
plan, so that I could pay one payment. All I had to do was make one payment to them,
and they sent those payments out to my creditors. So I was able to stay on track. I started
in August of 2011, and I finally paid off all of my credit card debt in September of
2014. So three years and about one month, I was able to pay off all of my credit card
debt, and I know you can do it too. Do you have any debt pay-off stories? I would
love to hear them. If you have, please leave them in the comment box below. Fill up that
comment box. Tell me about if you’re paying off debt, if you have paid off debt, if you
would like some help, and you can always contact me either here on YouTube, or you can send
me an email at [email protected] Make sure you head over to YoungFinances.com
because I’ve got more great information on paying off debt, keeping it down, and building
a great credit score and credit history. So check it out. In the meantime, it’s time for
me to go hang out with my all-cash budget. So click the Subscribe button, give it a thumbs-up
if you’ve liked it, and I’ll see you next time. Okay, bye.